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Tax Newsletter

Oct-Jan 2024 Newsletter

The Oct-January 2024 Newsletter contains the full articles on the topic below:

Business payment practices.

The Business Payment Practices Act 2023 (‘the Act’) was enacted on 26 July 2023. It will require certain entities (‘reporting entities’) to publicly disclose specific information about their payment practices. 

The purpose of the Act is to provide greater transparency in business-to-business payments and enable members of the public and other entities to access information about those payment practices, so that they can make informed decisions about who they want to do business with.

Tax pooling and provisional tax.

Understanding the way provisional tax works is complicated by the fact there are different rules for the purpose of late payment penalties versus interest. This means it is possible to pay the required amount on-time, as calculated under the standard uplift method, and not be subject to late payment penalties. But then incur interest from that same point because the final liability for the year exceeds the provisional tax amounts paid.

Australia and NZ tax systems compared

With the recent inflation driven surge in the cost of living, apparent increase in crime and seemingly constant complaints about the education and health systems, some New Zealanders are considering  acking up and moving to Australia. But is the grass really greener – at least from a tax perspective?  Firstly, unlike New Zealand, Australia has a capital gains tax (CGT). Secondly they have Stamp Duty

Research and development regimes.

New Zealand currently has two different tax concessions aimed at encouraging research and development (R&D). Namely, the Research and Development Loss Tax Credit (RDLTC) and the Research and Development Tax Incentive (RDTI).

Also in this edition

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